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News release

ST. LOUIS, MO

JLL Sells 270K SF CPI Building in St. Louis

Office Building to Be Converted to Residential as Part of Office Transformation Trend


St. Louis, Jan. 26, 2016 — The former CPI Building, a 270,000-square-foot 1912 vintage office building in St. Louis, will soon be converted to loft apartments, following the sale to a Kansas City investor, Revive Capital Development, LLC, announced JLL. John Warren, a vice president with the St. Louis office of JLL, represented the seller, 1706 Washington LLC, in the sale of 1706 Washington Ave. Financial terms were not disclosed.

The vacant building was previously occupied by CPI, for more than 50 years, and is located in the heart of the Washington Avenue Loft district. The developer plans to convert the nine-story building into apartment loft units.

This sale is reflective of the transformation occurring in the downtown St. Louis office market, as several older, Class B buildings are converted to hotel or residential use.

“This ‘new urbanism’ is playing out in St. Louis and many cities across the country, as owners and investors look for opportunities to repurpose historic buildings,” Warren said. “This project will play an important role in continuing to attract younger workers and, ultimately, additional employers to the downtown area.”

This rejuvenation of the downtown area is fuelled, in part, by the growing movement of Millennial renters and buyers who want to live and work in lively urban communities. As these buildings are converted and residents move downtown, and new hotels begin operation, retail, restaurants and other entertainment-oriented activity generally follows.

According to Downtown STL, Inc., the downtown market currently has 4,705 apartment units and 1,691 condos
for a combined total of 6,396 residential units. As the demand for downtown living continues to grow and as apartments continue to maintain high occupancy rates, around 93%, apartment buildings are continuing to be redeveloped.

Anchoring the northern edge of downtown, Washington Avenue is lined with many revival style buildings with unique architecture. The area was once home to warehouses forming the city’s garment district as early as the 1870s. After the last of the factories closed by the 1980s, the area began to experience redevelopment as former warehouses, shoe factories and hat manufacturers became loft-style condos and apartments.

Over the last decade, Washington Avenue has transformed itself into the city’s premier loft district. The growing neighborhood now is lined with modern lofts, trendy retail stores, and a wide array of restaurants. The avenue has also become an entertainment corridor with the presence of the City Museum, MX movie theater, America’s Center Convention Complex and the Edward Jones Dome. The combination of the beautifully preserved historic buildings and the continued commercial and residential growth make this area a notable location for the city.

About JLL
JLL (NYSE: JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. A Fortune 500 company with annual fee revenue of $4.7 billion and gross revenue of $5.4 billion, JLL has more than 230 corporate offices, operates in 80 countries and has a global workforce of approximately 58,000. On behalf of its clients, the firm provides management and real estate outsourcing services for a property portfolio of 3.4 billion square feet, or 316 million square meters, and completed $118 billion in sales, acquisitions and finance transactions in 2014. Its investment management business, LaSalle Investment Management, has $57.2 billion of real estate assets under management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit www.jll.com.